Banco Macro Announces Share Buy Back

BUENOS AIRES, Argentina, Jan. 8 /PRNewswire-FirstCall/ -- Banco Macro S.A. (NYSE:BMA) ("Banco Macro") has provided the Comision Nacional de Valores (the "CNV") and the Bolsa de Comercio de Buenos Aires the following communiqué announcing the commencement of a share buy back program.

Dear Sirs,

In my capacity as attorney-in-fact of Banco Macro S.A. (the "Bank") and in compliance with Section 2, Chapter XXI of Book 6 of CNV General Resolution Number 368 (as consolidated in 2001), I hereby inform the Comision Nacional de Valores (the "CNV") that the Board of Directors of the Bank has decided to establish the terms and conditions for the acquisition of its own shares issued by the Bank under the provisions of Section 68 of Law 17,811 (added by Decree number 677/2001) and the Rules of the CNV.

This decision has been adopted because of the material impact on the price of domestic shares (including the quotation of the shares of the Bank, the current international macroeconomic context and the fluctuations in the capital market in general) following the reduction of prices in international markets triggered by the crisis facing the subprime mortgage loans market in the United States of America.

Likewise, the Board of Directors of the Bank has considered the financial strength of the institution, as evidenced by a Quantifiable Equity Liability of approximately 200%, in excess of the requirement by the Central Bank of the Republic of Argentina, and the price/income ratio resulting from the price of the shares of the Bank and the profits currently reported by it.

Therefore, in line with the commitment of the Board of Directors to the Bank and its shareholders and to help reduce the fluctuations of quotations, minimizing any possible temporary imbalance between supply and demand within the market, and due to the excessive cost of capital resulting from the current quotation prices, it has decided to establish the following terms and conditions for the acquisition of its own shares issued by the institution:

    1.  Maximum amount of the investment: Up to Ps. 210,000,000.
    2.  Maximum number of shares to be acquired: Up to 30,000,000 common,
        book entry, Class B shares with a par value of Ps. 1 (one Peso) each
        and entitled to 1 (one) vote per share, (the "Shares"), in the form
        of shares or American Depositary Shares, representing 10 shares each,
        which amount does not exceed the limitation of the 10% of the capital
        of the Bank, as established by the applicable Argentine laws and
    3.  Payable price: Between Ps. 6.50 per Share and up to
        Ps. 7.00 per Share.
    4.  Term for the acquisition: 120 calendar days from the date of
        publication of the relevant information in the Bulletin of the Buenos
        Aires Stock Exchange, subject to any renewal or extension to be duly
        informed to the public in such Bulletin.

                   In case of any doubt or inquiry, please contact me
                                     /s/  Jorge F. Scarinci
                                        Jorge F. Scarinci

This press release is available under the "Financial Information" section, or, in the Spanish version, under "Informacion Financiera," of Banco Macro's web site:

This press release includes statements concerning potential future events involving Banco Macro that could differ materially from the events that actually occur. The differences could be caused by a number of risks, uncertainties and factors relating to Banco Macro's business. Banco Macro will not update any forward-looking statements made in this press release to reflect future events or developments.

    Contact for Investors:
    Jorge F. Scarinci,
    Finance and IR Manager
    Phone: (5411) 5222 6730
    Fax: (5411) 5222 7826

Source: Banco Macro S.A.

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